Fixed income strategies

Carmignac Portfolio Sécurité

SICAVEuropean marketSRI Fund Article 8
Share Class

LU0992624949

Flexible, low duration solution to navigate European fixed income markets
  • Low duration euro fixed income Fund.
  • Flexible and active approach with a modified duration range from -3 to +4.
Asset Allocation
Bonds77.9 %
Other22.1 %
Data as of:  31 May 2024.
Risk Indicator
2/7
Recommended Minimum Investment Horizon
2 years
Cumulative Performance since launch
+ 13.4 %
+ 10.6 %
+ 7.6 %
+ 2.0 %
+ 6.1 %
From 25/11/2013
To 12/06/2024
Calendar Year Performance 2023
+ 1.9 %
+ 1.4 %
+ 2.4 %
+ 0.4 %
- 2.7 %
+ 3.9 %
+ 2.5 %
+ 0.4 %
- 4.2 %
+ 4.5 %
Net Asset Value
113.4 €
Asset Under Management
1 321 M €
Market
European market
SFDR - Fund Classification

Article

8
Data as of:  12 Jun 2024.
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.

Carmignac Portfolio Sécurité fund performance

Take a look at the Fund's performance supported by our Fund managers’ market commentary and strategy insight.

Our monthly comments

Data as of:  31 May 2024.
Fund management team
[Management Team] [Author] Allier Marie Anne

Marie-Anne Allier

Fund Manager
[Management Team] [Author] Guedy Aymeric

Aymeric Guedy

Fund Manager, Analyst

Market environment

  • May brought the first signs of normalisation for the US economy and labour market, as well as a surprising drop in retail sales.

  • Although inflation was slightly lower, Federal Reserve members remained cautious over the month.

  • The trend was the opposite in the Eurozone. GDP had already firmed up in the first quarter, and more signs of recovery emerged with the composite PMI accelerating.

  • The improvement was also visible in inflation figures, which rose again in May (+2.6% vs. +2.4%).

  • This desynchronisation led to a sharp drop in US yields, with the 10yr down 18 bps over the month but the Eurozone trend more upward.

  • Investors regained their appetite for corporate bonds, as reflected in spreads on the Itraxx Xover index narrowing by 22 bps over the month.

Performance commentary

  • The Fund delivered a positive return in both absolute and relative terms over May.

  • This was mainly thanks to our credit component, which benefitted from carry as well as narrower spreads, while hedging aimed at reducing exposure to the riskiest corner of the market weighed on performance.

  • Our curve steepening strategies added to performance.

  • The portfolio’s selection of collateralised loan obligations and exposure to money market instruments continues to have a positive impact.

Outlook strategy

  • Global economies’ resilience, with Europe enjoying a soft landing as real income picks up and inflation gradually returns towards target, should enable the ECB to start its rate-cutting cycle.

  • The portfolio is therefore keeping its modified duration stable at a modest 2.5, mainly through inflation-linked instruments, curve steepening strategies and a significant credit allocation.

  • The latter is mostly invested in short-term investment grade corporate bonds and CLOs, providing attractive carry. We are also holding on to our hedges (iTraxx Xover) as the markets are trading at tight levels at a time of ongoing geopolitical uncertainty.

  • 18.2% of the assets are invested in money market instruments, which are a good source of carry with limited risk.

Performance Overview

Data as of:  12 Jun 2024.
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). Morningstar Rating™ :  © Morningstar, Inc. All Rights Reserved. The information contained herein: is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.Until 31 December 2020, the reference indicator was the Euro MTS 1-3 years. Performances are presented using the chaining method.The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 13/06/2024

Carmignac Portfolio Sécurité Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  31 May 2024.
Europe76.2 %
North America13.9 %
Eastern Europe8.6 %
Asia-Pacific1.0 %
Latin America0.3 %
Total % of bonds100.0 %
Europe76.2 %
itItaly
17.0 %
esSpain
14.7 %
ieIreland
10.6 %
frFrance
10.0 %
nlNetherlands
4.0 %
deGermany
3.5 %
Grèce
2.7 %
gbUnited Kingdom
2.6 %
chSwitzerland
1.9 %
Norvège
1.7 %
Suède
1.6 %
ptPortugal
1.5 %
atAustria
1.4 %
beBelgium
1.2 %
adAndorra
0.8 %
dkDenmark
0.4 %
fiFinland
0.3 %
smSanMarino
0.3 %
Luxembourg
0.1 %

Key figures

Below are the key figures for the Fund, which will give you a clearer idea of the Fund's management and bond positioning.

Exposure Data

Data as of:  31 May 2024.
Modified Duration2.5
Yield to Maturity4.9 %
Average Coupon3.1 %
Number of Issuers155
Number of Bonds253
Average RatingA-
Yield to Maturity (YTM) is the estimated annual rate of return expected on a bond if held until maturity and assuming all payments made as scheduled and reinvested at this rate. For perpetual bonds, the next call date is used for computation. Note that the yield shown does not take into account the FX carry and fees and expenses of the portfolio. The portfolio’s YTM is the weighted average individual bonds holdings' YTMs within the portfolio.

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
[Management Team] [Author] Allier Marie Anne

Marie-Anne Allier

Fund Manager
[Management Team] [Author] Guedy Aymeric

Aymeric Guedy

Fund Manager, Analyst
For over 35 years, we have maintained our active and conviction-driven approach, while being able to adapt to different market configurations. This is what we want to continue offering to investors.
[Management Team] [Author] Allier Marie Anne

Marie-Anne Allier

Fund Manager
View Fund's characteristics
Reference to certain securities and financial instruments is for illustrative purposes to highlight stocks that are or have been included in the portfolios of funds in the Carmignac range. This is not intended to promote direct investment in those instruments, nor does it constitute investment advice. The Management Company is not subject to prohibition on trading in these instruments prior to issuing any communication. The portfolios of Carmignac funds may change without previous notice.
The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the manager.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.
The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor), where applicable. Investors may lose some or all of their capital, as the capital in the UCI is not guaranteed. Access to the products and services presented herein may be restricted for some individuals or countries. Taxation depends on the situation of the individual. The risks, fees and recommended investment period for the UCI presented are detailed in the KIDs (key information documents) and prospectuses available on this website. The KID must be made available to the subscriber prior to purchase.). The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager.